Auction activity in Melbourne has taken a tumble, with just 59.9 per cent of properties clearing over the weekend.
The auction clearance rate was a long way from the 82.8 per cent the capital city recorded this time last year.
The recent drop off in auction activity in both Sydney and Melbourne suggests the three rate hikes earlier this year and the wind back in government stimulus is finally having an impact on potential homebuyers.
In Sydney, the auction clearance rate dropped 1.2 per cent this weekend to 61.2 per cent.
According to data from Australian Property Monitors, a five bedroom house in St Leonards was the most expensive property sold over the weekend, going under the hammer for $2 million.
On the other end of the scale, the cheapest property sold was a two bedroom house in Umina Beach, which went for $284,500.
The auction activity was not much brighter in Brisbane or Adelaide.
Brisbane's auction clearance rate plummeted to just 11.8 per cent, while 10 properties were sold in Adelaide for a clearance rate of 41.7 per cent.